The combined total Ethereum futures open interest fell 15% from $8.0 billion to $6.8 billion, affecting the dollar value of the ETH-denominated futures position size.
Based on ethereum-denominated open interest, futures open interest is actually at an all-time high, up nearly 80% since early May.
Futures leverage appears to have actually increased rather than decreased over the past week, suggesting that many risk-hedging positions have not been closed.
In addition, combined Ethereum call open interest fell by $600 million (down 10%), leaving a total of $5.2 billion in open call position value, well above the 2021 norm.
The Ethereum put options market experienced a more pronounced relative decline of 19%, but remained a much smaller net position value of $294 million.